September 27, 2022


The estimated impact of climate and the Senate tax bill on inflation were among the many points Democrats defended Saturday night and into Sunday morning.

Some economic analyses, including the Congressional Budget Office, found the legislation would have little or no effect on inflation this year.

Sen. Richard Blumenthal, D-Connecticut, said on CNN’s “State of the Union” Sunday that prescription drug costs will come down after Medicare negotiations and energy costs will be reduced by credits and rebates.

“We’re going to see the cost of gasoline continue to come down, the cost of needs to decline,” Mr. Blumenthal said. “And I think the American people are going to see historic results.”

Sen. Lindsey Graham, R-South Carolina, also appeared on Sunday’s “State of the Union.” He said the bill could discourage companies from investing in equipment and factories, and that a tax on imported oil barrels could raise gas prices for consumers.

Sen. Chris Coons, D-Delaware, told ABC’s “This Week” that Americans may not feel the effects of the cost-savings bill this year or next. But “Treasury secretaries who have served in both Republican and Democratic administrations support this bill,” he added.

On “Fox News Sunday,” Sen. Benjamin L. Cardin, Democrat of Maryland, also said the bill would help reduce inflation. The bill would reduce the deficit through cost-saving measures, he said.



Source link

Leave a Reply

Your email address will not be published.